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Ferragamo reports full year revenue growth

Feb 1, 2023 Italy
Ferragamo reports full year revenue growth
The Italian-based luxury group has announced preliminary consolidated results for the year 2022. Sales grew in all regions, except for Asia Pacific, due to a COVID-19-related slowdown in China
"Notwithstanding the beginning of our strategic refocusing, 2022 has also been another year of growth in revenues, in which we successfully pursued the quality of sales in our retail stores while also starting the optimization of our wholesale channel, amid a complex and volatile macroeconomic environment. In particular, the fourth quarter was impacted by Covid-19 resurgence in China. Despite quarterly revenues lower than prior year, we continued to prioritize the quality of sales, consistently with our full-price strategy. Today, we are quite encouraged by the positive customers' reaction in China since the restrictions were lifted. We are excited about the future potential of Ferragamo, thanks to the new product offering which will progressively increase its share throughout 2023, to the renewed brand image and to a strong Management Team now in place", commented Marco Gobbetti, Chief Executive Officer and General Manager of Salvatore Ferragamo.


FY 2022 Results

In 2022, Ferragamo's consolidated revenue totalled 1.25 billion euros, which reflects an increase of 10.2% at current exchange rates and 5.7% at constant exchange rates, on a comparable basis to the prior year.

The luxury group reported that last year sales in the retail distribution channel grew by 11.3% (by 4.7% at constant exchange rates), while sales in the wholesale channel rose by 13.6% (by 6.3% at constant exchange rates, as compared to 2021.

Ferragamo's net sales in the Asia Pacific region declined by 4.6% (by 10.6% at constant exchange rates) in 2022 "mainly due to the effects deriving from the resurgence of Covid-19 in the region, particularly in China", while the Japanese market recorded an 11.9% net sales increase (18.9% at constant exchange rates), year-over-year.

In 2022, the EMEA region registered a net sales growth of 24.7% (24.6% at constant exchange rates), as compared to the previous year. The luxury group's net sales grew by 22.3% (by 8.8% at constant exchange rates) and 29.7% (by 14.7% at constant exchange rates) in North America and Central and South America regions, respectively, on a comparable basis to 2021.

The company also pointed out that all main product categories had a "significant" increase in this period, with shoes and leather representing 87% of total full year net sales.
Image Credits: ssilife.com.ph


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